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Marketing Millennials Essay

1227 words - 5 pages

REQUIRED COVER PAGE. USE FOR ALL SUBMISSIONS. BE SURE TO INSERT YOUR NAME, SECTION #, THE TITLE OF THE ASSISGNMENT AND DUE DATE.

NEW JERSEY CITY UNIVERSITY
School of Business, Marketing Department
MKTG. 231 Principles of Marketing

David Williams, Course section # 2499
Title of Assignment – Semester Writing Sample
Due Date – 12/15/14
 
 

 
CERTIFICATION OF AUTHORSHIP:  I certify that I am the author of this work and that any assistance I have received in its preparation is fully acknowledged and disclosed. I have also cited any source from which I used data, ideas or words, directly quoted or paraphrased.  This work was prepared by me specifically for this course.

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“There are more 23-year olds –4.7 million of them –than any other age according to the census data from June. The second most populous age group was 24, and the third was 22” (Searcey, 2014).
In addition to the volume of increasing millennials, they are the most educated generation in American history because a notable amount of members from this generation are going to college in comparison to the previous generations. The current landscape millennials have to navigate is one with many platforms to shop, purchase, and deliver. For example, the ecommerce space has been a growing platform used to target millennials because of the technology and efficiency involved. Ecommerce shopping for the more technologically advanced generation is important because of its influence and appeal to millennials consumer behavior. The many different technological devices such as smartphones, tablets, and laptops present a more effective and immediate market place for millennials to shop acquiescing to the abovementioned to stereotypes. According to Claire Suddath of Business Weekly, “millennials are not only tech-savy; they are tech-needy.” Whether it’s the smart phone apps, mobile advertising, social network branding, or other forms of online advertising, studies have shown that businesses who continue to only use offline methods lose a lot of millennial customers. These businesses lose the potential millennial capital because a lack of online presence is unsuitable to the many requirements millennials perform before purchasing an item, for instance: looking at prices online beforehand and looking to find reviews of the product as they prefer to have knowledge or be aware of the brand they are purchasing. “Nearly three-fourths of millennials do online research before buying a product” (Suddath 2014). According to the Pew Research, about 40 percent of men and 33 percent of women would prefer to buy everything online if they could.
Furthermore, there are over 80 million millennials in the market today whom carry over 175 billion dollars in annual buying power (U.S. Chamber of commerce). By the year 2020, the number of millennials will increase to about one-third of the American population requiring marketers to continue to evolve as the consumer mindset evolves. Another factor marketers have to wrestle with is the economic landscape the products are sold in. Millennials are more likely to be thoughtful about their purchases because of the hard economic times they grew up in as well as the labor force participation rate. They are smart about getting the most value out of every purchase, in addition to often looking out for the hot deals, specials, and promo (Suddath 2014).
Since millennials grew up in the worst economy since the Great Depression, they have become more careful than often given credit for. They have smaller disposable income than expected so proficient consumer companies are adjusting accordingly to serve...

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